2) Experts also think that Bitcoin, trading range-bound between $109,500 and $111,000, is building momentum for the next leg of the rally as the crypto market enters a bullish mode with the US-China finalising a trade deal. “The Fed’s $29.4 billion injection and record liquidity boost from China’s PBOC are a turning point for global risk assets. Historically, such synchronised easing has led to major Bitcoin rallies, including the 2020-21 bull run during post-COVID monetary easing. For BTC, $111,200 remains the immediate resistance point with support at $107,600,” says Edul Patel, CEO and Co-founder, Mudrex.
3) Industry stakeholders believe that BTC faces strong resistance between $110,700–$111,500, with support at $106,000–$104,000. “A sustained move above $111,500 could trigger a bullish reversal, while a drop below $108,000 may invite deeper correction,” says Riya Sehgal, Research Analyst, Delta Exchange. Mirroring Bitcoin’s weakness, Ethereum trades around $3,760, rejecting from $3,880–$3,950 resistance. As per Sehgal, the key support lies near $3,700–$3,650. “Despite October’s 13% fall, ETH treasuries recorded inflows of 550K ETH, signalling long-term confidence. Overall, markets are experiencing a healthy deleveraging phase. While long-term holders have begun light profit-taking, Bitcoin’s realised cap above $1.1 trillion and stable on-chain activity indicate enduring structural strength ahead of a historically bullish November,” she said.
4) Over the past week, BTC’s realised cap rose $8 billion to exceed $1.1 trillion, while the realised price crossed $110,000, reflecting strong on-chain inflows, says Harish Vatnani, Head of Trade, ZebPay. Vatnani adds that, however, sentiment stayed in the “fear” territory despite the announcement on the US-China deal. “The market remains cautious following October’s $19 billion sell-off, but renewed ETF inflows and expectations of Federal Reserve easing could drive Bitcoin toward the $140,000 level in November,” he said. He says BTC has been trading sideways in a broad range between $116,000 and $107,000 over the past three weeks. “Breakouts on either side of the range with good volume will further determine the trend for the asset.”